In 203 UK pension funds had their first positive year since 1999, according to the WM estimate of returns. "After a poor start, UK pension fund returns accelerated throughout the rest of 2003 to achieve a result for the year
Citigroup Global Transaction Services has introduced a web based electronic query tool that allows corporate credit card clients to analyze spending patterns. Citibank Commercial Cards is offering the service in 29 countries. Citigroup says clients can use the information to
The Bank of New York has been appointed by Comcast Corporation, a cable television provider, to provide cash letter processing services for over 1.5 million monthly payments in New York, New Jersey and Connecticut. Comcast Corporation services more than 24
Swisscom IT Services (Swisscom), a provider of ASP services to Swiss banks, has bought SunGard's Mint Knowledge Broker to handle its interbank messaging requirements Before the end of 2004, Switzerland's banking industry has to migrate all of its x.25 SWIFT
Canadian Imperial Bank of Commerce (CIBC), which has a joint custody venture in Canada with Mellon Trust, has urged the Canadian federal government to authorise mergers between banks and between banks and insurance companies to give domestic financial services groups
Dutch insurer Aegon has bought a corporate benefits and private client wealth management IFA in the UK called Aurora Financial Group Limited, for an undisclosed sum. Aegon acquired a 9 per cent stake in Aurora last year, with an option
Vrdipapircentralen (VP), the Danish CSD, saw record turnover in bonds last year, but its CEO foresees a revival of interest in equities in the year ahead. "The increasingly popular non callable adjustable rate loans and the launch of annuity loans
The major broker dealers are focusing on the wrong target by pressing stock exchanges, CSDs and CCPs to cut their costs. The most waste in securities trading, clearing and settlement is incurred through indirect costs such as IT development, auditing,
The Japanese government is reported to be considering an amendment to the laws and regulations governing mergers and acquisitions in Japan, to allow foreign firms to acquire Japanese companies using shares rather than cash as the acquisition currency. The Cabinet
Microsoft has appointed Gordon Ejsmond Frey as Insurance Industry Specialist, Microsoft EMEA Financial Services. In this new role, he will be responsible for defining and articulating Microsoft's strategy for the insurance industry across EMEA. Ejsmond Frey joins Microsoft from Misys,